Jim Butz
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McLEAN, VA—Multifamily developer and operator Jefferson Apartment Group and New York Life Investment Management, a subsidiary of New York Life Insurance Co., have formed a $100 million acquisition venture fund to buy existing apartment communities, with a focus on workforce housing, to redevelop over the next three years.
The venture will also incorporate additional third-party capital to acquire and redevelop these assets. Ultimately the venture expects to acquire 4,000 apartment units under this strategy, says JAG CEO Jim Butz. “This strategy will allow us to broaden and expand our portfolio within both major and secondary markets from Boston down to Miami.”
The partnership will look to invest in apartment communities that are situated near large, growing centers of employment in areas with lower new supply and within favorable school districts.
New York Life Real Estate Investors is the investment arm of NYL and is invested in all product types, including office, industrial, retail, hospitality and multifamily. It has over $52.9 billion invested in such assets. Mark Talgo, senior managing director of New York Life Investment Management noted that “This venture will create another outlet for New York Life to invest, not only for ourselves but on behalf of our clients as well.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
